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Biocon drops out of bid for stake in Siro Climpharm
Biocon is likely to back out of the bid for Siro Climpharm, but the remaning three companies are very much in the race to pick up Kotak PE and 3i's stake’s in the company, reports CNBC-TV18’s Kritika Saxena.
Biocon is likely to back out of the bid for Siro Climpharm, but the remaning three companies are very much in the race to pick up Kotak PE and 3i stake's in the company, reports CNBC-TV18's Kritika Saxena.
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In 2007, Kotak PE and 3i had bought 70% stake in Ciro Climpharm for around Rs 120 crore. The valuation of the deal has gone upto to around Rs 300 crore and the investors are willing to sell the stake.
There were four companies in the fray eyeing the 70% stake. However sources say that Biocon has backed out of the race. Aventis Pharma and two other US pharma companies are still holding up in the race.
Siro has presence in eight geographies and conducts trails in clinical devices, pharma and biotech sectors.
